03 Feb Best Side Hustles :: Work At Home Jobs
The term “side hustle” has gained some popularity over the past few years. Side hustles used to be called moonlighting or part-time gigs or side projects.
My favorite side hustle success story that was started by a few Google employees in their spare time: It’s a little company now called Twitter.
Maybe you need some help paying your bills every month. Maybe you’re saving for a big purchase, like a house or an engagement ring or a vacation of a lifetime.
The best side hustles take advantage of the skills and interests of regular people. Many of them start as hobbies that eventually become profitable businesses.
These are some broad categories of side hustles.
- Online businesses
- Service-based businesses
- Consulting and coaching
- Reselling, drop shipping and eBay arbitrage
- Shopify stores and Amazon stores
Blah, blah, blah legal disclosure. This post may contain links to other websites that pay me when you click through and purchase something. The price to YOU will always be the same regardless of how you get to the website where you buy the things, but clicking through the links here helps to pay the bills for THIS website so I can continue providing quality information for you and everyone else about the best side hustle ideas.
Step One: Find A Side Hustle Idea
The strategy here is to get a bunch of ideas in a short period of time. We called this brainstorming when I was in grammar school.
Don’t discard anything. Write everything on a piece of paper as it comes to mind. Your snap reaction may be to discard some ideas because you think they will cost too much, take too much time or because the idea is already taken.
Don’t do that.
Everything you think about gets written on your piece of paper. We’ll refine the list later so don’t freak out. More is better! Nobody will see the brainstorming list besides you, so don’t sweat it.
A great resource featuring some of the best side hustles:
This podcast has a very tricky name that will be hard to remember. 🙂 Side Hustle School
It’s a wonderful podcast featuring some of the best side hustles and it’s hosted by Chris Guillebeau. Chris is the author of some great books including Side Hustle and The Art of Non-Conformity. He’s an authority on side hustles because he has spent his adult life making a living in “non-traditional” job roles. He has examined and experimented with more side hustle ideas than I can count.
The podcast profiles a different side hustle in each episode. Chris provides some great commentary and feedback around each of the side hustles. You can use the side hustles profiled on the podcast to get your creative juices flowing.
The best part? Each episode is quick–ten minutes or less. You can burn through a bunch of them in a few hours.
Step Two: Narrow Your List
How do you pick the best side hustle ideas? I use a few criteria to make it easy on myself (and I save the rest of my ideas in the Notes app on my phone). These questions help me filter my ideas:
- Will it cost $100 or less to get it up and running?
- Does a similar product or service exist?
- Will it generate money right away?
- What’s my customer acquisition strategy?
Will it cost $100 or less to get it up and running?
I’m willing to risk $100 if I believe I might have a good idea. If it’s a total flop, so what? $100 isn’t going to make or break my finances even if my experiment is a disaster.
Most of my $100 budget is usually spent on ads, which help me validate or invalidate my ideas. There’s a bunch of interesting stuff you can do to experiment with Facebook and Google ads if you don’t mind spending a little money. I’m talking like $20 per ad test. You can learn a ton about what people like and don’t like with $20 worth of ads.
If I get a favorable response to my ads (which drive visitors to my website), I’ll continue. If I don’t get a favorable response, I either adjust my approach or abandon it altogether. The tools I use to test ideas are Facebook and Google ads, a WordPress site and Google Analytics. That’s it.
Does a similar product or service exist?
Competition doesn’t scare me, but I want to know if I’m competing with something that has dominant market share. There’s almost always room in the market for a competitor.
Seeing a successful competitor helps me validate my idea. If someone else has already gone to the trouble of building a similar product and that product has succeeded, I can take advantage of that. A product or service isn’t automatically the best because it was created first. Myspace was the first large social network, but look what happened when a competitor called Facebook was created.
Will it generate money right away?
The whole point of a side hustle is to generate some cash. Maybe someday you’ll discover that you have one of the best side hustles and it will turn into a full-time job for you as you grow it into something massive, but that’s not how we start.
We start by finding ONE paying customer who is not a friend or relative. If you can get your friends and/or relatives to buy everything you create, kudos to you! Keep doing that. The true test is whether you can get strangers on the internet to buy from you.
Also, it’s important that you don’t spend weeks or months perfecting your pitch or website or Facebook page. Many of the best side hustles end up dead in the water because they are constantly being “perfected.”
You don’t need an elaborate future product strategy or in-depth market research in order to get your side hustle up and running. You are looking for the fastest path to obtaining paying customers. As Reid Hoffman (founder of Linkedin) is famous for saying, “If you are not embarrassed by the first version of your product, you’ve launched too late.”
Amen to that. Sometimes good enough is good enough. Go find some people to pay you for the basic version of your new product. You can refine and perfect things after that.
What’s my customer acquisition strategy?
This is another way of saying, “How will I find people who will pay me for this?”
Word-of-mouth is wonderful for customer acquisition. So are referrals from existing customers. And don’t forget about repeat customers! Those are the best.
The problem: Your thing is brand new and you don’t have those channels yet.
The fastest way to find paying customers is to buy their attention. Pay for those clicks. Google and Facebook are the best places to start when you’re running ads, mostly because of the ease of use. Take some time to learn about ads and the bidding process before you plunk down a credit card, though.
Step Three: Pick The Best Side Hustles
You can repeat the testing process as many times as you need to refine your side hustle ideas. After some practice, you should be able to test your ideas within a few hours of inception. Building a quick website and creating some ads will become second nature if you build, say, one side hustle per weekend for a few months.
Some discipline here will serve you well. Don’t let your emotions cloud your vision. Remember, the goal is to launch a side hustle for less than $100, with a clear customer acquisition strategy that will make you money right away.
You’ll know where to start after you run some tests. Let the data show you the way. Don’t go with your gut on this one.
Notice, I didn’t say anything about launching the sexiest idea first. Don’t confuse “sexy” and “profitable.” Those are often very different things.
Focus on the obviously profitable side hustle ideas first. Once you’ve successfully built a few of those, you’ve earned the right to experiment.
If you want to get a jump start, click here and launch your side hustle in an hour or less.
Have you built a successful side hustle using this formula? Please leave a comment so we can help spread the word!
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